Wed, Apr 15, 2020 page11

• Taiwan Business Quick Take

  • Staff writer, with agencies
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  EQUITIES

  TAIEX closes above 10,300

  The TAIEX yesterday rose more than 200 points to close above 10,300 points as large-cap tech stocks, particularly in the integrated circuit sector, led the upturn. A decision by the committee that operates the NT$500 billion (US$16.63 billion) National Stabilization Fund to continue supporting local equities also boosted market sentiment. The TAIEX closed up 233.72 points, or 2.31 percent, at 10,332.94, on turnover of NT$156.50 billion. Foreign institutional investors bought a net NT$15.12 billion of shares on the main board after selling a net NT$7.59 billion on Monday, Taiwan Stock Exchange data showed.

  RETAIL

  FamilyMart boosts deliveries

  Taiwan FamilyMart Co (全家便利商店) yesterday said that it is collaborating with food delivery company Foodpanda to expand its delivery services, as people avoid shopping at physical stores amid the COVID-19 pandemic. The delivery service would initially be available at 146 FamilyMart outlets in the greater Taipei area, and would be expanded to 19 other counties and cities, the company said in a statement. The number is expected to rise to 500 outlets early next month before reaching 1,000 by June, it said.

  ENERGY

  CPC to boost charging outlets

  State-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油) yesterday said it plans to set up 194 more charging stations nationwide for electric scooters by the end of the year. It would also establish an additional 22 battery-swapping stations, bringing the total to 216, it said. CPC has over the past two years installed 376 charging stations and battery-swapping stations to adhere to the government’s plan to encourage the use of electric scooters. CPC said it also aims to launch two new e-stations, equipped with energy-efficient storage systems and solar panels, in Taoyuan and Hualien in the second half of the year.

  ELECTRONICS

  Huawei to see reshuffle

  Huawei Technologies Co (華為) founder Ren Zhengfei (任正非) is to leave the board of one of the Chinese firm’s major subsidiaries, Shanghai Huawei Technologies Co Ltd (上海華為技術), the Chinese-language Liberty Times (sister newspaper of the Taipei Times) reported yesterday, citing data revealed by the Chinese data technology service company Tianyancha (天眼查). Shanghai Huawei chairwoman Sun Yafang (孫亞芳) would also step down as chairwoman, passing the baton to Tian Xingpu (田興普), chairman of Hangzhou Huawei Communication Technology Co Ltd (杭州華為企業通信技術), the Liberty Times said.

  MACROECONOMICS

  Economies to shrink 35%

  Advanced economies would shrink by about 35 percent this quarter from the previous quarter — four times as much as the record set during the 2008 financial crisis — according to annualized figures from Goldman Sachs Group Inc. How fast economies would rebound is an open question, because nobody knows how quickly people can get back to work, New York-based economist Jan Hatzius wrote in a note on Monday. “The response in Europe needs to be scaled up, via greater [and ideally centrally funded] easing and a more unconditional ‘whatever it takes’ commitment to the integrity of the euro area,” Hatzius wrote. “Emerging economies will need a lot more help from the rich world” to get through the crisis.
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